Emirates Central Bank and Central Bank of Egypt Sign Historic Agreement to Exchange Dirham and Pound

The Emirates Central Bank and the Central Bank of Egypt Sign Currency Exchange Agreement

Introduction

The Emirates Central Bank and the Central Bank of Egypt signed an agreement on Thursday to exchange the Emirati dirham and the Egyptian pound.

Historic Currency Exchange

The agreement allows the two sides to exchange two currencies with a nominal value of up to 5 billion UAE dirhams and 42 billion Egyptian pounds, for the first time in the history of the two countries.

Importance of the Agreement

Khaled Mohammed Al Amaa, Governor of the Central Bank of the Emirates, said: “The foreign exchange agreement between the two countries reflects the depth and strength of the bilateral relationship between the UAE and the Arab Republic of Egypt and represents an important opportunity to develop economic and financial markets between the two parties based on the commitment the wise leadership of the two brotherly countries to maintain bilateral relations in all fields and work towards achieving common interests that will positively impact the trade, investment and financial sectors. and improve financial stability.”

Hassan Abdullah, Governor of the Central Bank of Egypt, said: “As part of the ongoing cooperation between the brotherly United Arab Emirates and the Arab Republic of Egypt, and in support of the bonds of cooperation, the Central Bank of the United Arab Emirates and the Central Bank of Egypt have entered into a local currency swap agreement between the two countries. The swap process is considered “the cornerstone of supporting financial cooperation between two countries in local currency.”

Source

Source: Emirates News Agency

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